Dave Thomas

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Is It Time to Go Into Business with Someone?

Dave Thomas

July 31, 2017

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Whether you’ve had your small business for a short length of time or years, has the idea of sharing it crossed your mind?  Such a notion could be due to the economy or wanting to share responsibilities. No matter the reasoning, finding that perfect partner can be more than a little tricky at times.  With that in mind; how best to go about locating such an individual to run your business with you?

Remember, making the wrong choice can come back to haunt you in some ways. So, how will you put together the right search effort to find the true business partner for your needs?


Online research is key

In looking for the right business partner, don’t gloss over these important resources:


1. Use the Internet

Who doesn’t use the worldwide web for a myriad of needs these days?


Sure, there are some business folks who for whatever the reason like to steer clear of the Internet. That said the web can be your go-to source for so many needs

Remember to put online research to work for your business needs whenever they arise.


In trying to scout possible business partners, you want to know about a whole host of features.

Among them:


· If they have a particularly sound business pedigree

· If they are good with financial decisions and money in particular

· If they’ve ever had small businesses go under for one reason or another

· If they are good hiring talent when necessary

· If they have a history to cut and run or stay in something for the long haul

· If they have had any run-ins with the law

When it comes to that last one, you want to learn about any criminal activity in one’s past.

For instance, someone who has had a few DUI’s is an individual who doesn’t always show the best decision making. As a result, could you bring them aboard as a partner, only to have them make a bad call or two?

If you go online for a license plate search, there’s a good chance you can find out details about the owner of that plate.


In doing so, you may discover he or she isn’t telling you all you need to know about their past. Whether that involves many DUI's and even serious accidents, you have a right to know such things.


Although you may not get the answers you seek, you can find out some of them more times than not.

2. Lean on references

When one may join you to help run operations, you want a responsible individual.


With that in mind, reach out to the references they should provide you with.


Among some of the questions for those individuals:


· Did the person run a sound small business themselves?

· Were they good at spotting and hiring talent?

· Were they sound when it came to making the right financial calls?

· Are they someone that reference would trust with their money?


Always ask for many references, references that mean more than a family member or friend. Yes, choosing a partner for your small business can be dicey at times.


That said it could also turn out to be one of the best decisions you make over time.

If you went into a partnership or two over the years, what advice do you have for people now considering the same?


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